Indian Commerce ministry raising concerns about Gold imports restriction
MUMBAI (Scrap Register): With the increased cheap Gold imports to India, the government has restricted the imports in order to curb the situation, now the commerce department is against the idea of restriction on import of gold even as surging imports have worsened India’s trade and current account deficit.
The officials are stating that the move will bring more objections from other countries. Ahead of the India's meeting with South Korea, they have raised concerns about India's decision on restriction of Gold imports from South Korea.
“We don’t favour a blanket restriction on gold imports. This may not be the best idea as it may involve disputes in the World Trade Organisation," an official quoted to Economic Times.
India has restricted Gold imports from South Korea siting that the Gold is not produced in the country. However, the commerce department is against the use of any such measure across the board.